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Steps involved in Establishing Business Test 32

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Steps involved in Establishing Business Test 32
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The implied authority of any partner may be _________________.
    Solution
    Option C is the correct answer.
  • Question 2
    1 / -0
    To bind the firm under implied authority, the act must be done in the ________ of carrying on the firm's business.
    Solution
    Implied Authority is the authority that is not conferred by the mutual agreement between the partners and which is not bind on other partners. This authority is acted on the ordinary course of business and the firm is bound by such authority when the act is done in a normal way of carrying on the firm's business. These authority is also known as ostensible authority or apparent authority. 
  • Question 3
    1 / -0
    ___________ can assign or transfer his partnership interest to any other person, so as to make him a partner in the business.
    Solution
    According to the Partnership Act 1932, no partner can assign or transfer their partnership to any third person to make him the partner of the business without the prior consent of all the other partners. Therefore, a partner cannot transfer his interest at his own will.
    Hence, A is the correct option.
  • Question 4
    1 / -0
    Which of the following act is within the implied authority?
    Solution
    Implied Authority is the authority that is not conferred by the mutual agreement between the partners and which is not bind on other partners. This authority is acted on the ordinary course of business and the firm is bound by such authority when the act is done in a normal way of carrying on the firm's business. These authority is also known as ostensible authority or apparent authority. The settlement of accounts with the third parties is considered as implied authority. 
  • Question 5
    1 / -0
    For loss caused to the firm by his fraud in the conduct of the business, every partner shall __________.
    Solution
    According to the Partnership Act 1932, the liability of the partners is unlimited and they are bound to compensate with the loss of the firm that is caused by the fraud in the conduct of business.
    Hence, A is the correct option.
  • Question 6
    1 / -0
    N & Z are partners in a firm dealing in stationery. N placed order in the firm's name and on the firm's letter pad for $$10$$ bags of wheat to be supplied at his residence _______________.
  • Question 7
    1 / -0
    Who can give Public Notice of retirement of partner?
  • Question 8
    1 / -0
    Every partner is an agent of the firm and of other partners for __________________.
  • Question 9
    1 / -0
    Nitin, a partner of a firm dealing in computers gives an order for win worth Rs. $$10,000$$ in firm's name. Discuss the liability?
    Solution
    Implied Authority is the authority that is not conferred by the mutual agreement between the partners and which is not binding on other partners. 
    This authority is acted on the ordinary course of business and the firm is bound by such authority when the act is done in a normal way of carrying on the firm's business. 
    This authority is also known as an ostensible authority or apparent authority. Since the act is not related to the ordinary business of the firm. The firm is not liable to pay the amount. 
    Hence, C is the correct option.
  • Question 10
    1 / -0
    If all partners, or all but one partner, of the firm are declared insolvent ___________.
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